- PM’s advisor says the result of currency devaluation will be visible soon in the country’s exports trajectory
ISLAMABAD: Advisor to Prime Minister on Commerce Abdul Razzak Dawood said on Monday that the government’s decisions with regard to economic turnaround have started yielding positive results.
Addressing a news conference in Islamabad, he said the ban on the import of furnace oil and non-essential food items has benefitted the economy, adding that the country’s exports have registered an increase of 4pc in the last seven months in US Dollar terms, which translates into a 30pc increase in terms of Pakistan Rupee.
The advisor said that the result of currency devaluation would be visible soon in the exports trajectory. He expressed confidence that exports would increase and imports would further decrease this year.
He also informed media that the cement exports registered an increase of 50pc, mainly to Sri Lanka and Bangladesh.
Speaking on the occasion, Commerce Secretary Younus Dagha said improvements have been noted in the balance of trade in the month of January.
He said the need of furnace oil has reduced due to the increasing use of renewable technologies in the energy mix, adding that exports in the first seven months of the current fiscal year were recorded at $13.259 billion, whereas the imports remained $32.54 billion as compared to $34.26 billion recorded during the corresponding period last year.
He further informed that trade deficit has reduced from $21.3 billion to $19.2 billion.
“The imports squeezing policy is paying dividends. Its results will be far more encouraging in the next five months,” he asserted.
Responding to a question, the advisor rejected the reports that the International Monetary Fund chief, during his talks with Prime Minister Imran Khan in Dubai, had set the condition of raising power and gas tariffs in order to get the bailout package.